NASSAU, BAHAMAS — The Department of Inland Revenue has seen an increase in the number of new business license applications, according to director Gaynell Rolle, who noted that most of the 178 new business license requests were in the landscaping and construction industry.
Rolle was speaking at a media briefing via Zoom, and noted that the department is currently evaluating 45 applicants for the government’s tax deferral and tax exemption program.
She said officials projected a turnaround of those applications within a five work day period.
The programme provides large employers with a minimum annual turnover of $3 million to access payroll support to limit the need for further layoffs. These companies must have at least 25 employees.
With this tax relief, businesses will be able withhold VAT due or outstanding business license between April and June to assist in meeting payroll expenses.
“We have seen an increase in business license applications for new businesses,” said Rolle.
“To-date we have 178 new applications for new business license requests mainly in the landscaping and construction industry. Hopefully that is a sign that persons are as optimistic as we are about the economy going into a rebound.”
She added: “The focus is that we are going to keep persons employed and assist in paying those persons for April, May and June.”
Rolle also noted that VAT filings are now due.
“That is VAT that would have been received January, February and March,” she said.
“The government would have given an extension to April 21 st for the filing and payment of those returns.”